Following the scrapping of archaic Article 370 that granted a special status to Jammu and Kashmir and subsequent passage of the bill aimed at bifurcating the state into two union territories: Jammu & Kashmir and Ladakh, the Confederation of Indian Industries(CII) President, eminent banker Uday Kotak has announced an investor summit to be held in the Union Territories of Jammu and Kashmir and Ladakh.
While responding about the government’s move to reorganise the state, Kotak said that Jammu and Kashmir has a huge potential to grow owing to the talent as well as wide range of natural resources. He added that the region’s per capita net state domestic product (NSDP) stands at Rs 63,995 which is about 55% of the national average. He added that agriculture accounts for 80% of the output. Stating that there is room for improvement, he added that if the government gives incentive especially to the local businesses, it could open up wide range of job opportunities.
Kotak also said that the trade body has recommended a ten-point agenda to the government which could help in sustainable growth while boosting growth in sectors like tourism, infrastructure and agriculture.
Alongside with CII, the trade body Assocham has also announced the opening of a regional office in J&K after the government decided to convert the state into two union territories. “The feisty move would trigger a wave of investments into sectors like tourism, real estate, handicrafts, horticulture and food processing, among others,” said Assocham president B K Goenka.
The MD of the helmet-manufacturer Steelbird Rajeev Kapur has also expressed his organisation’s interest in investing the newly created union territories. Lauding the government for the brave move, Kapur said, “We think it will fire up investments by local companies to build the conducive ecosystem for growth. This is how most cities and states grow and we see it as a great opportunity for locals first.”